CEFFICCentre Français de Formation et d'Information des Cadres (French: French Center of Training and Information Managers; Poland)
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Such firms exhibit a significantly higher mean on CEFFIC, but also on average are less profit-efficient, with a significantly lower mean on PEFFIC, in both periods.
One item is worth noting: the variables CEFFIC and PEFFIC are negatively correlated at significant levels in both periods, similar to the relationship that Berger and Mester (1997) and Berger and Mester (2003) find for large commercial bank samples.
In addition, the coefficients on CEFFIC and LIQUID are positive and mildly significant (at a < 0.10 level), which indicates a preference by acquirers for thrifts that are more cost efficient and liquid and suggests an avoidance of hidden operating risks, as noted by Wheelock and Wilson (2000), and liquidity risk (O'Keefe, 1996).